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Facility Management Software Market Size & Share to Record New Values for the Forecast Period 2020-2030
Facility Management Software Market to surpass USD 132.88 by 2030 from USD 37.81 in 2020 at a CAGR of 11.06% in the coming years, i.e., 2021-30.
Facility Management encompasses a wide range of disciplines and services aimed at ensuring the functioning, safety, comfort, and efficiency of the built environment, including infrastructure, buildings, and Real estate. Facility Management includes various parameters such as Operations and maintenance, Communications management, Emergency management, and business continuity, Environmental stewardship and sustainability Project management, Real estate and property management, Hospitality and Human factors, and ergonomics. Hard Facilities Management (Hard FM) and Soft Facilities Management (Soft FM) are the two types of facility management (Soft FM). Hard facilities management is concerned with physical assets such as heating, cooling, elevators, and plumbing, whereas soft facilities management is concerned with human activities such as lease accounting, catering, security, grounds maintaining, and custodial services. Facility management software helps an organization manage the complete repair and maintenance work through a web-based panel. The software is designed to help enterprises save time and cost and manage the building premises efficiently and effectively.
Facility Management Software market to surpass USD 132.88 billion by 2031 from USD 37.81 billion in 2021 at a CAGR of 11.06% in the coming years, i.e., 2022-31. The growing focus of governments in a number of countries on infrastructure development, notably in the construction of railways, ports, airports, and other infrastructural facilities, is propelling the Facility Management Software Market forward. The expansion of the Facility Management Software Market is also projected to be fueled by many partnerships with different commercial contractors and several government initiatives with international companies.
Facility Management Software market is segmented by Deployment Type into On-premises and Cloud. The On-premises segment is anticipated to register the highest growth over the forecast period. On-premises segment is expected to grow with fastest pace during the forecasted period. On-premises deployment offers offline data analytics and provides better control over systems and data. Organizations that can afford to manage dedicated services and IT staff for maintenance and support, usually deploy On-premises solutions.
Facility Management Software market is segmented by Component into Solutions and Services. Over the projection period, the Solutions sector is expected to increase at the fastest rate. Growth of the segment is attributed to the effective facility management solution which will enable the management of all facility management processes such as lighting, HVAC, security, emergency and incident, sustainability, waste, and others.
IBM Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Facility Management Software market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. In the Facility Management Software market, North America is expected to have the highest market size. The expansion of the Facility Management Software Market is fueled by the region's well-established economy and increasing investment in R&D activities for new technology development such as machine learning, artificial intelligence, and big data. The presence of key companies in the area, such as Oracle, IBM, and Accruent, is also fueling the growth of the Facility Management Software Market.
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